Refine Group AB (SE:REFINE)
:REFINE
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Refine Group AB
(REFINE)
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Rating:58Neutral
Price Target:
kr0.74
▲(220.87% Upside)
Action:ReiteratedDate:04/15/26
The score is held back primarily by weak operating performance and renewed cash burn despite reduced leverage. Technicals are supportive due to strong price trend and positive MACD, but overbought signals increase near-term risk. Valuation is a positive factor given the very low P/E.
Positive Factors
Leverage reduction / stronger balance sheet
Material deleveraging to zero reported debt materially lowers fixed financing costs and bankruptcy risk, giving management more time to stabilise operations. With positive equity (95.9m) the company has a capital buffer to absorb losses and execute restructuring or reinvestment over the next several months.
Negative Factors
Persistent revenue contraction
Two consecutive years of falling top-line indicate demand loss or pricing/penetration issues; this undermines scale economics and utilisation of billable staff. Continued revenue shrinkage would compress margins, impede reinvestment in growth, and make profit recovery harder over a 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Leverage reduction / stronger balance sheet
Material deleveraging to zero reported debt materially lowers fixed financing costs and bankruptcy risk, giving management more time to stabilise operations. With positive equity (95.9m) the company has a capital buffer to absorb losses and execute restructuring or reinvestment over the next several months.
Read all positive factors
Refine Group AB (REFINE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr123.50M
Dividend YieldN/A
Average Volume (3M)205.63K
Price to Earnings (P/E)0.8
Beta (1Y)-0.17
Revenue Growth-48.35%
EPS Growth96.77%
CountrySE
Employees77
SectorServices
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.06
Shares Outstanding173,946,150
10 Day Avg. Volume206,151
30 Day Avg. Volume205,626
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.18
Price to Sales (P/S)0.13
P/FCF Ratio-1.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)kr357.30M
Refine Group AB Business Overview & Revenue Model
Company Description
Refine Group AB (publ) operates resale marketplaces and develops a SaaS platform and logistics solution for brands companies in Sweden. The company operates through three business areas: Technology, Logistics, and Ecommerce. It offers Yaytrade, a ...
How the Company Makes Money
Refine Group primarily makes money by selling marketing and communication services to business customers. Revenue is generated through (1) project-based fees for defined deliverables such as campaigns, creative/content production, web/CRM/marketin...
Refine Group AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 126.52M | 244.94M | 261.60M | 232.64M |
| Gross Profit | -75.68M | 102.34M | 58.30M | -12.22M |
| EBITDA | -9.16M | -34.91M | -12.55M | 16.05M |
| Net Income | -2.71M | -164.48M | -313.00M | -16.96M |
Balance Sheet | ||||
| Total Assets | 145.05M | 217.97M | 410.91M | 329.83M |
| Cash, Cash Equivalents and Short-Term Investments | 12.69M | 11.63M | 32.13M | 3.30M |
| Total Debt | 0.00 | 35.08M | 48.98M | 80.17M |
| Total Liabilities | 48.51M | 140.79M | 191.74M | 138.64M |
| Stockholders Equity | 95.87M | 76.50M | 217.27M | 189.28M |
Cash Flow | ||||
| Free Cash Flow | -16.69M | -5.57M | 26.27M | -4.12M |
| Operating Cash Flow | -16.64M | -4.97M | 26.46M | -2.90M |
| Investing Cash Flow | -9.64M | 2.43M | 6.60M | -76.68M |
| Financing Cash Flow | 21.54M | -10.63M | -29.72M | 46.85M |
Refine Group AB Technical Analysis
Positive
0.23
Price Trends
0.31
Positive
0.26
Positive
0.26
Positive
Market Momentum
0.17
Negative
73.92
Negative
71.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:REFINE, the sentiment is Positive. The current price of 0.23 is below the 20-day moving average (MA) of 0.49, below the 50-day MA of 0.31, and below the 200-day MA of 0.26, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 73.92 is Negative, neither overbought nor oversold. The STOCH value of 71.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:REFINE.
Refine Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | kr123.50M | 0.76 | ― | ― | -48.35% | 96.77% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
50 Neutral | kr772.42M | -8.55 | ― | ― | 8.14% | 46.36% | |
49 Neutral | kr313.60M | -37.08 | ― | ― | 27.81% | -57.03% | |
45 Neutral | kr107.27M | -3.47 | ― | ― | ― | ― |
* Services Sector Average
SE:REFINE
Refine Group AB
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185.14%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.